Peter Molyneux's NFT game Legacy has already sold $50m of "land"

M1chl

M1chl

Currently Gif and Meme Champion
Legacy, the upcoming NFT-funded game from Fable creator Peter Molyneux, has already raked in around $53m (£40m).

Hopeful speculators can purchase imaginary land in the game, which is not due out until some point next year, and are indeed apparently doing so.

The game's most expensive land plot, "London", sold for $900k ($670k). All of these purchases were made via the new LegacyCoin cryptocurrency, which is based on the Ethereum blockchain (thanks RPS, IGN).

Peter Molyneux's NFT game Legacy has already sold $50m of "land" • Eurogamer.net


Since there was no airdrop, I haven't got anything on this. I am compelled to post this story.
 
This was actually kind of a genius move by Peter. Get into the whole crypto/NFT thing and open your game up to an audience of overly enthusiastic cryptobros who are most likely clueless about your endless history of fuckups and are less likely to be disappointed by the final product because they don't really care about the game portion of it at all.
 
TheMay30thMan said:
How is this shit legal?
Click to expand...
Well you can already payed taxes, albeit lower from your crypto income. So that makes it legal, I guess. I don't think they just take the cash and run with it. They are probably too small for that.
 
Well let's just say that at least you can resell it to others, so technically you are not going to get scammed as much as with normal MTX or Macro transaction in this case.
If the Peter don't take a rug obviously.

So in my eyes this is still better than something like Star Citizen is doing. 90k USD ship...
 
Would it be possible to sue when they decide to take a game offline? They are basically destroying your investment if they do so. If that would be possible NFT's and gaming might turn out to be a short lived marriage. My guess is that buyers wont be able to sue and a lot of people will end up losing a lot.
 
giphy.gif
 
GarlicPrawn said:
Would it be possible to sue when they decide to take a game offline? They are basically destroying your investment if they do so. If that would be possible NFT's and gaming might turn out to be a short lived marriage. My guess is that buyers wont be able to sue and a lot of people will end up losing a lot.
Click to expand...

Not at the moment. Current legislation isn't fit to deal with these scams
 
GarlicPrawn said:
Would it be possible to sue when they decide to take a game offline? They are basically destroying your investment if they do so. If that would be possible NFT's and gaming might turn out to be a short lived marriage. My guess is that buyers wont be able to sue and a lot of people will end up losing a lot.
Click to expand...
Sadly no, the rug pulling is sadly pretty common and there is no way I would invest into Molyneux business.... And no you can't really do much, you probably can try to sue them, but if you are operating just with crypto, it's look at that you are basically loose just some space money, not worth anything.
 
This isn't that much different to mtx or people paying subscriptions to play online games, it's just an extension of what we already have. There's always an outcry when these things first appear.
 
Last edited:
It's a bunch of sharks doing a massacre on the clueless. I'm surprised there's no apparent legislation to put the brake on fuckery like this.

Edit: Regarding comparing this to MTX and Crypto trading, putting it into games is shrouding the scam a few levels down, effectively a wolf in sheep's clothing.
 
Last edited:
M1chl said:
Well let's just say that at least you can resell it to others, so technically you are not going to get scammed as much as with normal MTX or Macro transaction in this case.
If the Peter don't take a rug obviously.

So in my eyes this is still better than something like Star Citizen is doing. 90k USD ship...
Click to expand...
It's ok now because Peter is getting the money for the NFTs but what happens when those are then all sold? As far as I understand it Peter wouldn't see any revenue from them after the initial sale, much the same as the secondhand game market that all the publishers seem to be wanting to eliminate. Regardless of how valuable these NFTs become and how big and expensive the market gets for them none of it after the initial sale will go back into the continued growth of the game. The way I see it, this is very much like Star Citizen in the way that once the initial revenue is spent there is going to have to be more and more NFTs created to carry on developing the game and paying the bills and in turn diluting the market with more and more of something that needs to be finite or in short supply to allows it to increase in value. It could easily end up as a situation where you have to sell your NFTs at a loss because there is way more supply than demand.
 
Last edited:
CeeJay said:
It's ok now because Peter is getting the money for the NFTs but what happens when those are then all sold? As far as I understand it Peter wouldn't see any revenue from them after the initial sale, much the same as the secondhand game market that all the publishers seem to be wanting to eliminate. Regardless of how valuable these NFTs become and how big and expensive the market gets for them none of it after the initial sale will go back into the continued growth of the game. The way I see it, this is very much like Star Citizen in the way that once the initial revenue is spent there is going to have to be more and more NFTs created to carry on developing the game and paying the bills and in turn diluting the market with more and more of something that needs to be finite or in short supply to allows it to increase in value. It could easily end up as a situation where you have to sell your NFTs at a loss because there is way more supply than demand.
Click to expand...

You can set up royalties every time an NFT is traded.
 
LazyParrot said:
This was actually kind of a genius move by Peter. Get into the whole crypto/NFT thing and open your game up to an audience of overly enthusiastic cryptobros who are most likely clueless about your endless history of fuckups and are less likely to be disappointed by the final product because they don't really care about the game portion of it at all.
Click to expand...
Don't kid yourself, this is money laundering.
 
Ass of Can Whooping said:
You can set up royalties every time an NFT is traded.
Click to expand...
Ah ok, is that something that is built into NFTs? How does that work? Is it just the original creator who gets royalties or is it some kind of pyramid selling scheme? I must admit that I don't know a whole lot about them, I thought they were just a tradable Blockchain digital item like bitcoin.
 
Last edited:
PuffyCan said:
Can't believe how so many can fall for this after his stupid mobile game
Click to expand...

Going by YouTube and Doge/Shib holders. Not many are smart. True value is in Financial redistribution, Smart Contracts and Tokenization of Real World Assets along with Oracles. Most don't understand deflationary crypto and call it a con. It isn't, as their paper money devalues everyday due to inflation.
 
'Pay as much as you want' for our virtual crap is a dream come true for any company. If you think microtransaction are bad just wait until NFTs turn gaming industry into a full blown virtual Wallstreet. Basically, CS:GO weapon skin market on industry wide scale.
 
Last edited:
CeeJay said:
Ah ok, is that something that is built into NFTs? How does that work? It's it just there original creator so gets royalties or is it done kind of pyramid selling scheme? I must admit that I don't know a whole lot about them, I thought they were just a tradable Blockchain digital item like bitcoin.
Click to expand...

Yeah, when you make an NFT you have what's a called a smart contract that's stored on the blockchain. The smart contract is what holds all the info for the NFT to function (ownership, what digital asset it links to, and any royalties to be paid)

So it doesn't matter if you trade the NFT through Peters marketplace or if you go through a second-hand one. It all has to refer back to that smart contract

It's important to know you're not trading a digital asset. You're trading a token that links to that digital asset. If the owner wanted to, he could make that digital asset defunct if you try to trade it with someone else.
 
Last edited:
Ass of Can Whooping said:
Yeah, when you make an NFT you have what's a called a smart contract that's stored on the blockchain. The smart contract is what holds all the info for the NFT to function (ownership, what digital asset it links to, and any royalties to be paid)

So it doesn't matter if you trade the NFT through Peters marketplace or if you go through a second-hand one. It all has to refer back to that smart contract

It's important to know you're not trading a digital asset. You're trading a token that links to that digital asset. If the owner wanted to, he could make that digital asset defunct if you try to trade it with someone else.
Click to expand...

Doesn't mean Peter isn't running a scam job because a rug will come. Although yes, you are correct. Most people here look at jpegs and think oh, overvalued NFT scam that I can copy with metadata and a serial number with an original tag on Blockchain. That's not exactly what NFT's can be. These are low shill efforts on ETH and some rich dudes/madams decided to inflate the price by buying things from their alt accounts to create demand and the rest of the morons followed.

Real NFTs will definitely have a better outlook if unique items are given out in rarity or truly earned by some through dedication: A platinum trophy as an example. However the true value of NFTs are that you will own those items and resell them at your own volition on interchangable blockchains. It will be a brand new virtual asset class of your own. However, the game brand must have value in the first place to be able to net high revenue. Think CS Go Knives but not dealing with Steam Marketplace only which can also be interchangeable in other games if Valves allows it and developers code it into their games.

Give it 2-3 years with the next crypto crash for most of these jpeg nonsense NFTs to die out. Real world usecase will probably be a thing by Metaverse. However, if the platform has no value, neither will the asset. So those AAA developers are well on their way in making tons of money. Even though I am against MTX and GAAS. NFT's are a bit more exciting that I can actually sell items I don't need.

Outside of that, other usecases of Blockchain is this and it will never happen. Lets say I buy AC Origins on Ubisoft, the Blockchain smart contract will validate that I have the 3rd party game. Now instead of Xbox, Sony, Steam having their own storefronts for mentioned 3rd party game, companies can sell their copies one time and validate all storefronts that I indeed have bought the game so it is available anywhere to play including my save data. But this will never happen seeing how greedy Publishers are with what happened to GeForce Now as an example.
 
Last edited:
This nft shit will mean something when everyone will be living in the digital space. Until then I will laugh my ass off.
 
The buyer has been leaked. It is, apparently, some "Mr. Meter Polyneux".

A photo of the investor has also been leaked after the transaction.
Meter-Polyneux2.jpg
 
Last edited:
GarlicPrawn said:
Would it be possible to sue when they decide to take a game offline? They are basically destroying your investment if they do so. If that would be possible NFT's and gaming might turn out to be a short lived marriage. My guess is that buyers wont be able to sue and a lot of people will end up losing a lot.
Click to expand...

It'll be a short lived arrangement anyway (at least in the sense of the high investment $$$) when people have precedent showing how shaky the ground is in the NFT space, vs. traditional virtual currency. Almost all of the celebrity NFTs have lost half their value already and some paid insane prices for those.
 
Last edited:
I'd probably be ok with nfts if they carried over from every service to every game so that it never actually "disappeared" but it is silly to think that could ever happen at all (and possible wouldn't be any better anyways). It's like buying million dollar dlc thinking it will be around forever and you will be able to sell it when ever you want. Hell, people don't play games that long!

Land use planning question: I wonder if the person who bought "London " will be able to subdivide their "land"? If so, they could actually end up doing really well in hindsight.
 
DaGwaphics said:
It'll be a short lived arrangement anyway (at least in the sense of the high investment $$$) when people have precedent showing how shaky the ground is in the NFT space, vs. traditional virtual currency. Almost all of the celebrity NFTs have lost half their value already and some paid insane prices for those.
Click to expand...
In the domain of gaming, I can see some initial investors making good money with nfts for highly hyped games. However, I dont see how that momentum would carry on for long. For it to be attractive, you would need assurance of a long lifecycle and development (e.g. something like GTA 6).
 
GarlicPrawn said:
In the domain of gaming, I can see some initial investors making good money with nfts for highly hyped games. However, I dont see how that momentum would carry on for long. For it to be attractive, you would need assurance of a long lifecycle and development (e.g. something like GTA 6).
Click to expand...

GTA was one of the games I first thought of regarding NFTs. I can see them creating a market for NFT cars and houses, etc. Plus, players already invest insane dollars into in-game currency there.
 
CeeJay said:
It's ok now because Peter is getting the money for the NFTs but what happens when those are then all sold? As far as I understand it Peter wouldn't see any revenue from them after the initial sale, much the same as the secondhand game market that all the publishers seem to be wanting to eliminate. Regardless of how valuable these NFTs become and how big and expensive the market gets for them none of it after the initial sale will go back into the continued growth of the game. The way I see it, this is very much like Star Citizen in the way that once the initial revenue is spent there is going to have to be more and more NFTs created to carry on developing the game and paying the bills and in turn diluting the market with more and more of something that needs to be finite or in short supply to allows it to increase in value. It could easily end up as a situation where you have to sell your NFTs at a loss because there is way more supply than demand.
Click to expand...
Most likely they sold these NFTs by biding, so they got the bag. Possibly they hodl more of them, so probably going to get even more later on and if not, they can add more, there isn't most often a hard cap on NFTs as in tokens/coins where is hardcoded.
 
You must log in or register to reply here.

Similar threads

Nexus Mods has been sold
News  2
92
1K
Gojiira replied
Hogwarts Legacy has sold 30 million copies LTD
2 3
110
6K
semiconscious replied
Peter Molyneux rules and I’m tired of pretending he doesn’t
2 3
120
6K
MMaRsu replied
Cyberpunk 2077: Phantom Liberty has sold 10 million copies, The Witcher 3: Wild Hunt has sold 60 million
17
562
Mr Moose replied
Metaphor: ReFantazio has officially sold 2 million units worldwide
Sales-Age  2
88
126
Punished Miku replied
Top Bottom